Finding resource ounces for $7 an ounce, page-25

I think Mr Fotios has left GMD because he needs the money (see article below) nothing to do with GMD and I'm sure its why the share price has drop down a bit.


WA gold miner Eastern Goldfields is again teetering on the brink of collapse after a proposed $75 million plan to recapitalise and rebrand the company fell through.
It advised long-suffering shareholders and creditors of the proposal’s failure this morning in a statement to the Australian Securities Exchange and flagged plans to defer its annual general meeting, due to be held on Friday.
“The company advises that the recapitalisation transaction will no longer proceed,” the statement said.


“The company is currently evaluating a number of alternative transactions, which may include voluntary administration, however these are not yet at a stage where the company is in a position to make an announcement.”
The plan would have seen Eastern Goldfields renamed Eris Gold and contractor-owned gold miner Adaman Resources offer in-kind services and take a major stake alongside international cornerstone investor Hawke’s Point Holdings.
Eastern Goldfields is yet to produce its annual accounts, but they are unlikely to make for pretty reading after the Michael Fotios-founded company boarded up its Davyhurst gold mine and was suspended from trade in a bid to raise new capital after missing debt repayment deadlines to financier Investec.
Mr Fotios, then the company’s executive chairman, resigned from Eastern Goldfields in late August amid the company’s ongoing struggles to remain afloat.
Davyhurst, 120km north-west of Kalgoorlie-Boulder, was only re-opened last year by Eastern Goldfields after a nine-year hiatus following the collapse of Michael Kiernan’s Monarch Gold in 2008.